Making sure you get every tax deduction and credit you have coming to you is one of the best ways to ensure you don’t leave any money on the table during tax time.
“Overlooking deductions can cost you money,” said Barbara Weltman, author of “J.K. Lasser’s 1001 Deductions and Tax Breaks 2014” and contributing editor of “J.K. Lasser's Your Income Tax 2014.”
What is to blame for missing these potentially valuable deductions? “There are a variety of reasons," Weltman said, "including last-minute filers and those who don't read the ‘what's new’ section of the instructions.”
Some often-overlooked deductions will “help you keep on top of your taxes so you can minimize your tax bill and, possibly, maximize your refund,” she said. Many of these deductions must exceed a certain percentage of your adjusted gross income to yield tax savings.